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Assessment Project - BSBMGT616A Develop and implement strategic plans BSBFIM601 Assessment 1: Assignment, v1, October 2016 © Apex Institute of Education Page 1 of 23 SIT60316 Advanced Diploma of Hospitality Management BSBFIM601 Manage finances ASSESSMENT 1: Assignment Student’s Name Student No Student Declaration I declare that the work submitted is my own. It has not been copied or plagiarised from any other person or source. Student’s Signature Date Submitted BSBFIM601 Assessment 1: Assignment, v1, October 2016 © Apex Institute of Education Page 2 of 23 Assessor use only BSBFIM601 Manage finances Assignment Marking Guide Checklist Did the student: Lin ks t o P er fo rm an ce C ri te ri a Sa ti sf ac to ry N o t Sa ti sf ac to ry Access required information from supervisor and discussed and reviewed relevant information including financial data previous profit and loss cash flow trends Statutory requirements for compliance and liabilities for tax software and its suitability for financial management 1.1,1.2, 1.3,1.4, 1.5 Generate budget and financial statement following set procedures and adhering to Australian accounting standards including: Sales forecast, taking into account additional information Estimated expenses / inventory costs Estimated profits 2.1,2.2, 2.3 Conduct role-play meeting with financial specialist to discuss financial aspects of the budget / financial plans 3.1 Develop procedure for risk management and contingency planning 3.2,3.3, 3.4,3.5 Develop and submit the following: revised budget budget assessment report feasibility report 4.1,4.2, 4.3,4.4 Prepare the research report on commercially available softwares 1.6 Result: Satisfactory Not Satisfactory Assessor signature: Date: Feedback to student: BSBFIM601 Assessment 1: Assignment, v1, October 2016 © Apex Institute of Education Page 3 of 23 GENERAL INFORMATION ABOUT ASSESSMENT Please read the following carefully Assessments are to be completed according to the instructions provided in the assessment document. Your trainer-assessor will go through the instructions with you. Assignments (e.g. projects) are to be completed at home, in your own time. If you are not sure about any aspect of an assessment, ask your trainer/assessor to explain the requirements. All parts of each assessment (questions and/or tasks) must be answered unless the individual assessment instructions tell you something different. You need to complete, sign and date the front page and attach it to your assignment. All assignments must be typed in 12 point type on A4 paper Make sure you keep a photocopy of your assignment before you hand it in. All assignments must be your own work – your own words. All quotes from reference sources (e.g. books and websites) must be acknowledged and listed at the end of your assignment. You must also ensure that the information you provide in assessment evidence must be current i.e. recent enough. Group or Team Work: In some cases, you will be required to work on a project in small groups, and your trainer will allocate you to a group to work as a team. You may even be allocated a particular role. If you are working as part of a group, you will still be required to submit your assessment individually, and your performance will be assessed on an individual basis. Therefore, you must keep and submit with your assignment a record of the specific contribution you have made to the project, as well as keep notes of team meetings to include in your final submission. If you are unable to submit any assignment by the due date, you need to discuss this with your trainer/assessor beforehand and obtain an extension of time. If you do not follow the above rules, you may need to be re-assessed. Please remind your trainer of any special needs you may have. Where possible reasonable adjustment to the assessment will be made, provided that does not affect the validity of the assessment. After you have completed an assessment, your assessor will give you feedback about your performance and tell you whether the result is “satisfactory” or “not satisfactory” (that is, your trainer /assessor considers you need more training and experience). If your performance is not satisfactory, you will be advised about any gaps in your knowledge or skills and given an opportunity to be re-assessed. If you think the assessment process was flawed, you may appeal against the assessment decision. After you have completed all the assessments for a unit (or group of units in some cases), you will be awarded C (Competent) if the assessor is satisfied you have provided enough appropriate evidence to meet all criteria. If you are unable to meet this requirement, you will receive the result NYC (Not Yet Competent). If you are deemed Not Yet Competent by your trainer /assessor and require re- assessment, you will be informed of the process. BSBFIM601 Assessment 1: Assignment, v1, October 2016 © Apex Institute of Education Page 4 of 23 BSBFIM601 ASSESSMENT INFORMATION You need to complete two assessments for this unit of competency. Details are provided below. Assessment Number Assessment Task ASSESSMENT 1: Assignment Your trainer will give you this during the first classroom session for this unit of competency, together with any other relevant information required to complete the assessment. You are required to submit the assessment in the last week of class for the unit. Your trainer will tell you the due date during the first classroom session. This assessment is based on a case study of “ EDs Whitegoods” provided in the additional information section of this assessment ASSESSMENT 2: Written Exam During the last week of classes for this unit, you will be required to do an exam covering the content of the unit. During the first classroom session for the unit, your trainer will tell you the date of the exam. This is a 2 hour exam that you will complete in class under your trainer-assessor’s supervision. You are allowed to refer to your class notes and other resources. BSBFIM601 Assessment 1: Assignment, v1, October 2016 © Apex Institute of Education Page 5 of 23 Assessment 1 – Project This assessment project is to be completed in addition to the learning and assessment activities you complete in class. The project is designed to assess the knowledge and skills required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity. If you are not sure about any aspect of the assessment or would like to discuss your particular needs, please speak to your trainer. Your trainer will tell you the date you need to submit your assignment. All parts of the project will be given to you at the same time. You need to complete all parts and submit them together by the due date. This will be in the last week of classes for the unit. This project assignment is to be completed using the information provided under Appendix 1-5. The checklist and scope of submission table will identify the records that you are required to prepare and submit (as a single submission). Your assignment must be typed (in 12 point type on A4 paper) and attached to the front page of this assessment document, which you need to complete as an Assessment Cover Page. Make sure you keep a copy of your assignment before you hand it in to your trainer. BSBFIM601 Assessment 1: Assignment, v1, October 2016 © Apex Institute of Education Page 6 of 23 Part 1. Task 1 For this part, students are to utilise the data in the Appendices regarding Ed’s Whitegoods. The instructor can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones etc. Students are to undertake the following: List all personnel you would consult with in order to gain adequate advice prior to commencing your reports. Consult with your instructor to determine management requirements Prepare a 1-year budget & projected financial statement including: - Sales forecast, taking into account additional information in Appendix 5 - Estimated expenses / inventory costs - Estimated profits Ensure report layout and format comply with management information requirements, are clear and error-free Note: Students must use spreadsheet to undertake this task. Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures. Any liaison with the proprietor of the business to determine milestones, policies, goals etc. should be carried out with your instructor, who will role play the relevant parts. Task 2 Now you are to take your completed budget and arrange an appointment with your assessor, who will role-play a finance specialist. In this meeting, you are to Manage the meeting direction and progress Discuss with the finance specialist the aspects of your budgets / financial plans (the package) Review and ensure to validate